Energy Update
LONDON, July 28 (Reuters) - BP has agreed to renew
five-year sponsorship deals with several British cultural
institutions, including the British Museum, just days after
reporting a 45 percent drop in profits.
July 28 (Reuters) - U.S. oil producer ConocoPhillips
reported a bigger-than-expected quarterly loss and cut its 2016
budget for the third time this year amid a crude oil slump that
has lasted for two years.
July 28 (Reuters) - Baker Hughes Inc reported a
bigger-than-expected quarterly loss, hurt by lower drilling
activity and pricing, and the oilfield services provider said it
did not expect North America activity to increase substantially
this year.
July 28 (Reuters) - TransCanada Corp, Canada's
second-largest pipeline company, reported a 14.9 percent decline
in quarterly profit due to costs related to its acquisition of
Columbia Pipeline Group.
BELGRADE, July 28 (Reuters) - Croatia's biggest oil and gas
company INA, owned by Hungary's MOL and the
Croatian government, reported a 93 percent plunge in first-half
consolidated net profit on Thursday, blaming low oil and gas
prices and shrinking refinery margins.
LONDON, July 28 (Reuters) - The accumulation of gasoline
stocks in the United States has been driven by excess gasoline
production rather than lack of demand, according to Valero, the
largest independent refiner in the United States.
July 28 (Reuters) - National Oilwell Varco Inc, the
largest U.S. oilfield equipment provider, reported a
smaller-than-expected quarterly loss as cost cutting helped
cushion the impact of a slump in demand from oilfield service
providers.
July 28 (Reuters) - Oilfield services provider Baker Hughes
Inc reported a bigger quarterly loss, hurt by impairment
and restructuring charges related to writedown of assets, job
cuts and contract terminations.
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